AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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. . .. . .: N'cjTE 1 - SUMMARY OF SIG:NrFICANT ACCOUNTING POLICIES (CONTINUED). :.:: . . . . . . . . . Major funds are defined as funds that have assets. liabilitiest revenues. or expenditures/expenses equal to ten percent of their fund-type total and. five percent of the grand :total. The general fund is always a .. major fund. The City may also select other-funds it believes should, ~.e presented as major fuIlds. In FY 2007 /08 the Redevelopment Agencyftmd was not a major fund but due to its importance to the City, it is presented as a major fu~d" .. '. . .. . .,. The City reported th.e. f~llowing maJor 'governmental funds in..the .~companyjng financial statern.ent~: . . . . . . . . .. . .... . . .. . Generai fund ,is:to a.ccount for all financial. resources except .those.to be .accoimted for -in another fund. :It . is the general operating fund ofth~ City.' . CaDita):outlavfund is to account for all miscellaneous capital improvement projects that are financed by the. general fund.. . . . ... . Redevelooment Asrencv fund accounts. for funds to be. provid~d ~r loans and/or property tax increment .. . fTom specific .~edevelopment areas for redevelopment proje~ts :'\Vi~in.t~ose a!:eas. . ',' .. . :. : :. .' .,' . . . nl(~: City reported all its enterprise funds as major funds. in the accompanyi~g fit1a~c~al statements: W 3ter utilitV fund is to account for the pro~siori of water servic.es to .the.. residents of Redwood City. : . . . . . . . " .... . . . . . . Sewer utility fu~.d is to account fo~:the provisi~n of sewer services: to theresi~ems.:ofReciwo.od City. . . ., Parkina fund is to' account for :on-street and off.street 'parking .operations within the boundalies of the. . . central business district of the City". : .' . . . . ., '.' Port of Redwood City .a>ort fund) is to account for Port actlv:ities: within ,the Port D.ePartment inCluding, . but not liI.'"ited to, admipistration, maintenance and operations, and Port improvements. . . . . . . . . . .' .... . . , .. .' . ." . . . . . . .... . ..' . . .. The City also reports the f~l1owing fund 'types: . . . ." .. '. Fidtlciarv Funds - These fundS are used to account for assets he.ld,by the City in~ trustee capacity or as ; an agent for irtdividulils,;;privat~ organizations, other governmental units, and/or other funds. The City .maintains four funds ., Employee Benefit. Plans Fund, Seaport. ConsolIdated Bonds Fund, Pacific Shores Community Facilities: District :'Fund,' and the Shores Transportation. Iinprovemcmt District Fund - as an . agent of the bondholders or City employees... : . .. D.: . . Basis of Accounting : .. . . 'The .government-wide. and pr()pnetaty :fund financial statements are reported using th~ economic . . .resources ,.1neasurementfocus and the full . ,accrual ;basis of accdunting. Revenues are. recorded when eamed:and expenses are recorded:at the, time liabilities are incurred, regardless of when the related..cash . . flows take place. ... . . .. .. . i . , 31